SOCIAL ISLAMI BANK LIMITED CONDENSED CONSOLIDATED … · Circular no: 15 (09 November 2009) issued...

30.09.2015 31.12.2014

Note(s) Taka TakaPROPERTY AND ASSETS

Cash

Cash in hand (Including Foreign Currencies) 3(a) 1,396,837,248 976,302,191 Balance with Bangladesh Bank & Sonali Bank as agent bank 3.1 10,672,095,720 11,145,075,318 (Including Foreign Currencies)

12,068,932,968 12,121,377,509 Balance with other Banks and Financial Institutions 4(a)

Inside Bangladesh 3,303,631,475 2,577,414,418 Outside Bangladesh 213,952,621 332,880,245

3,517,584,096 2,910,294,663

Placement with other Banks & Financial Institutions 5(a) 5,871,735,764 9,474,249,214

Investments in Shares & Securities

Government 5,780,000,000 5,116,000,000 Others 1,214,045,763 1,227,727,286

6,994,045,763 6,343,727,286 Investments 6(a)

General Investment etc. 116,628,078,016 98,511,135,398 Bills Purchased and Discounted 11,584,344,334 9,288,823,913

128,212,422,350 107,799,959,311

Fixed Assets Including Premises 7(a) 3,040,076,956 2,683,691,549 Other Assets 8(a) 10,847,102,247 12,252,008,976 Non Banking Assets - -

Total Assets 170,551,900,144 153,585,308,507

LIABILITIES AND CAPITAL

Liabilities

Placement from other Banks & Financial Institutions 2,000,000,000 6,150,000,000

Deposits and Other Accounts 9(a)

SOCIAL ISLAMI BANK LIMITED

CONDENSED CONSOLIDATED BALANCE SHEET (UN-AUDITED)

AS AT 30 SEPTEMBER 2015

Deposits and Other Accounts 9(a)

Al-Wadeeah Current & Other Deposit Accounts 15,150,841,390 12,789,580,088 Mudaraba Savings Deposits 13,756,996,571 9,818,279,970 Mudaraba Term Deposits 83,837,045,175 75,356,410,289 Other Mudaraba Deposits 26,130,614,400 23,923,887,375 Bills Payable 1,132,619,144 2,277,639,901 Cash Waqf 167,946,559 99,275,350

140,176,063,239 124,265,072,973

SIBL Mudaraba Subordinated Bond 3,000,000,000 -

Other Liabilities 10(a) 13,982,844,895 10,992,324,637 Deffered Tax Liabilities/ (Assets) 9,538,065 4,924,028

Total Liabilities 159,168,446,199 141,412,321,638

Capital/Shareholders' Equity

Paid-up Capital 7,031,415,640 7,031,415,640 Statutory Reserve 3,096,624,539 2,784,497,917 General Reserve 3,024,624 2,790,193 Revaluation Reserve on Fixed Assets 1,055,679,727 1,055,679,727 Retained Earnings 196,707,779 1,298,601,774

Shareholders' Equity for Parent Company SIBL 11,383,452,309 12,172,985,252 Non Controlling Interest 1,636 1,617 Shareholders' Equity for SIBL and its Subsidiaries 11,383,453,945 12,172,986,869 Total Liabilities & Shareholders' Equity 170,551,900,144 153,585,308,507

Company Secretary Managing Director

0 - Director Chairman

Chief Financial Officer

30.09.2015 31.12.2014Taka Taka

CONTINGENT LIABILITIES

Acceptances and Endorsements 15,991,373,004 15,302,832,788 Irrevocable Letters of Credit (including Back to Back Bills) 15,059,459,300 11,017,261,193 Letters of Guarantee 6,324,382,258 3,936,013,964 Bills for Collection 2,216,556,346 1,905,746,855 Other Contingent Liabilities - - Total 39,591,770,908 32,161,854,799

OTHER COMMITMENTS

Documentary credits and short term trade related transactions - - Forward assets purchased and forward deposits placed - - Undrawn note issuance and revolving underwriting facilities - - Undrawn formal standby facilities, credit lines and other - commitments - - Total - -

TOTAL OFF BALANCE SHEET ITEMS INCLUDING CONTINGENT LIABILITIES 39,591,770,908 32,161,854,799

Company Secretary Chief Financial Officer

OFF- BALANCE SHEET ITEMS (UN -AUDITED)

Managing Director

Director Chairman

Jan-Sept.'15 Jan-Sept.'14 July- Sept.'15 July- Sept.'14

Note(s) Taka Taka Taka Taka

Investment Income 11(a) 11,194,622,143 10,148,016,729 3,809,026,066 3,522,794,514 Less: Profit paid on Deposits 12(a) 7,225,514,940 7,008,142,609 2,376,679,335 2,353,211,406

Net Investment Income 3,969,107,203 3,139,874,119 1,432,346,731 1,169,583,107 Income from Investment in Shares/securities 199,742,140 226,314,702 72,184,786 79,568,261 Commission, Exchange and Brokerage 13(a) 979,244,283 999,960,930 325,989,116 330,514,604 Other Operating Income 14(a) 256,303,715 176,269,842 45,439,022 53,204,060

1,435,290,138 1,402,545,474 443,612,924 463,286,925

Total Operating Income 5,404,397,341 4,542,419,593 1,875,959,655 1,632,870,032

Salaries and Allowances 15(a) 1,574,953,723 1,194,229,457 617,663,480 476,201,509

Rent, Taxes, Insurances, Electricity etc. 16(a) 204,529,812 168,458,476 81,968,669 52,694,457

Legal Expenses 17(a) 4,654,355 6,605,271 1,946,184 2,397,587

Postage, Stamps, Telecommunication etc. 18(a) 29,549,286 23,294,562 8,994,809 7,441,257

Stationery, Printings, Advertisements etc. 77,972,047 64,527,801 17,979,760 23,696,318

Chief Executive's Salary & Fees 7,415,000 6,290,000 2,675,000 3,230,000

Directors' Fees & Expenses 4,791,019 4,817,834 1,366,510 1,577,404

Shariah Supervisory Committee's Fees & Expenses 429,182 192,167 71,620 -

Auditors Fees - 28,750 - -

Depreciation & Repairs of Bank's Assets 158,543,424 122,485,329 47,444,603 16,200,584

Other Expenses 424,054,759 387,750,336 181,763,432 92,096,111

Total Operating Expenses 2,486,892,607 1,978,679,984 961,874,067 675,535,228

Profit before Provision & Income Tax 2,917,504,734 2,563,739,610 914,085,588 957,334,805

Provisions for Investments 1,319,116,802 722,907,812 328,194,420 502,521,963

General Provisions for share & Margin Investment 8,449,499 6,048,308 - 1,548,433 General Reserve 234,431 - - - Total Provision 1,327,800,732 728,956,120 328,194,420 504,070,396

Profit before Taxation 1,589,704,001 1,834,783,490 585,891,167 453,264,409

Current Tax Expenses 1,113,816,560 1,112,649,422 358,453,179 348,011,014

Provision for Income Tax 1,113,816,560 1,112,649,422 358,453,179 348,011,014


CONDENSED CONSOLIDATED PROFIT AND LOSS ACCOUNT (UN-AUDITED)

FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2015

Net Profit after Taxation 475,887,441 722,134,067 227,437,988 105,253,394

Appropriations

Statutory Reserve 312,126,622 360,979,997 114,153,491 87,987,216

Minority Interest 19 17 10 4

Retained Earnings 163,760,800 361,154,054 113,284,486 17,266,175

475,887,441 722,134,067 227,437,987 105,253,394

Earning Per Share (EPS) 0.68 1.03 0.32 0.15

Net Operating Cash Flow per Share (NOCFPS) (0.21) (1.94) - -

Net Asset Value ( Crore Tk) 1,138.35 1,017.29 1,138.35 1,017.29

Net Asset Value (NAV) Per Share 16.19 14.47 16.19 14.47


Director Chairman

Company Secretary

Managing Director

30.09.2015 30.09.2014

Taka Taka

Cash Flow from Operating ActivitiesInvestment Income receipt in cash 11,194,622,143 10,148,016,729 Profit Paid on Deposits (7,225,514,940) (7,008,142,609) Dividend Receipts 199,742,140 226,314,702 Fees & Commission receipt in cash 500,296,056 451,803,715 Cash Payments to Employees (1,582,368,723) (1,200,519,457) Cash Payments to Suppliers (107,521,333) (87,822,363) Income Tax Paid (919,510,228) (547,580,610)

Receipts from other Operating activities 735,251,942 724,427,057

Payments for other Operating activities (668,312,111) (589,407,808)

Operating Profit before changes in Operating Assets 2,126,684,946 2,117,089,355

Changes in Operating Assets and Liabilities

Statutory Deposits - -

Net Trading Securities (650,318,477) 638,372,436 Investments to other Banks - - Investment to Customers (20,412,463,039) (14,553,106,353) Other Assets 2,324,416,957 (4,016,675,773) Deposits from other Banks (2,942,096,263) 4,093,492,673 Deposits received from Customers 18,853,086,529 12,948,261,222 Other liabilities on account of customers - - Trading Liabilities - - Other Liabilities 553,751,450 276,040,207

Sub Total (2,273,622,843) (613,615,588)

A)Net Cash flow from Operating Activities (146,937,897) 1,503,473,767

Cash flows from Investing ActivitiesProceeds from sale of Securities - - Payment for purchases of securities - - Proceeds from Sale of fixed assets - - Purchases of Property, Plant & Equipments (485,075,848) (146,745,166) Purchase/Sale of subsidiaries


CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UN-AUDITED)


Purchase/Sale of subsidiaries

B)Net Cash flow from Investing Activities (485,075,848) (146,745,166)

Cash flows from Financing ActivitiesReceipts from issue of Debt Instruments (4,150,000,000) 750,000,000 SIBL Mudaraba Subordinated Bond 3,000,000,000 - Receipts from issue of Right shares - - Increase in Revaluation Reserve - Dividend Paid in cash (1,265,654,815) (843,769,877)

C)Net Cash flow from Financing Activities (2,415,654,815) (93,769,877)

D)Net Increase/(Decrease) in Cash & Cash Equivalents (A+B+C) (3,047,668,560) 1,262,958,724

Effect of Exchange rate changes of cash & cash equivalents - -

E)Cash and cash equivalents at the beginning of the year 24,505,921,387 21,037,654,933

F)Cash and cash equivalents at the end of the year (D+E) 21,458,252,827 22,300,613,657

#REF!

Net Operating Cash Flow per Share (NOCFPS) (0.21) 2.14

Company Secretary Chief Financial Officer

Director Chairman

Managing Director

1 2 3 4 5 6 7 8 9=(2 to 8)

Balance as at 01 January 2015 7,031,415,640 - 2,784,497,917 2,790,193 1,055,679,727 1,298,601,774 1,617 12,172,986,869

Changes in Accounting Policy - - - - - - - -

Resatated Balance - - - - - - - -

Surplus / (deficit) on account of Revaluation of Properties - - - - - - - -

Surplus / (deficit) on account of Revaluation of Investment - - - - - - - -

Currency translation Difference - - - - - - - -

Net Gain and losses not recognized in the Income Statement - - - - - - - -

Net Profit for the period - - - - - 475,887,441 - 475,887,441

Transfer - 312,126,622 234,431 (312,126,622) - 234,431

Dividend - - - - (1,265,654,815) - (1,265,654,815)

Issue of Share Capital - - - - - - - -

Shareholders' Equity as on 30 September 2015 7,031,415,640 - 3,096,624,539 3,024,624 1,055,679,727 196,707,779 1,617 11,383,453,927

Non-controlling interest 19 19

Shareholders' Equity of the group as on 30 September 2015 7,031,415,640 - 3,096,624,539 3,024,624 1,055,679,727 196,707,779 1,636 11,383,453,945

Total Equity as on 30 September 2014 7,031,415,640 - 2,483,974,341 12,714,842 1,082,485,102 366,068,632 1,614 10,976,660,171

Asset Revaluation

Reserve

Retained Earnings

Statutory Reserve

General / Other

ReservesTotal


CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)


Particulars Paid-up capitalShare Money

DepositMinority Interest

Company Secretary Managing Director

Director Chairman


1 The Bank and its activities

1.1 Status of the Bank

1.2

1.3 SIBL Securities Limited


SELECTED NOTES TO THE FINANCIAL STATEMENTS

AS AT AND FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2015

The Bank was incorporated as a Public Limited Company in Bangladesh in the year 1995 under Companies

Act, 1994. The Bank is one of the interest-free Shariah based banks in the country and its modus- operandi are

substantially different from other conventional Banks. The Bank within the stipulations laid down by Bank

Companies Act, 1991 and directives as received from time to time from Bangladesh Bank, provides all types of

commercial Banking services. Besides as a matter of policy the Bank conducts its business on the principles of

Mudaraba, Musharaka, Murabaha, Bai-Muazzal & Hire Purchase transaction approved by Bangladesh Bank.

The Bank is listed with Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited as a publicly

traded company. The Bank carries its Banking activities through Ninety four (94) branches operating as per

Islamic Shariah prevailing in the country.

The Registered Office of the bank was located at 15, Dilkusha C/A, Dhaka-1000. But from November 2011

SIBL has shifted its Corporate and Registered head office to a new location situated at 'City Center', 90/1

Motijheel Commercial Area.

Enlistment with the Stock Exchanges

The bank subscribed for IPO (Initial Public Offer) in the year 2000 and initially listed with Dhaka Stock

Exchange (DSE) Ltd. and later on in the year 2005 with Chittagong Stock Exchange (CSE) Ltd.

Subsidiaries of SIBL:

SIBL Securities Limited, a wholly owned subsidiary of SIBL, was incorporated as a Public Limited Company

1.4 SIBL Investment Limited

1 SIBL Securities Limited

2 SIBL Investment Limited

Total Capital

SIBL Securities Limited, a wholly owned subsidiary of SIBL, was incorporated as a Public Limited Company

under the Companies Act,1994 vide certification of incorporation no. C - 85876/10 dated 20 July 2010 and

obtained its certificate of commencement of business on the same day. The company has already got it license

for trading with Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). The company started its

commercial operation in the month of January 2012.

The principal place of business is the Registered Office at 3rd floor, 15 Dilkusha C/A, Dhaka-1000.

The principal objectives of the company for which it was established are to carry on the business of stock

brokers, dealers in relation to shares and securities dealings and other services as mentioned in the

Memorandum and Articles of Association of the company.

SIBL Investment Limited, a wholly owned subsidiary of SIBL, was incorporated as a Public Limited Company

under the Companies Act,1994 vide certification of incorporation no. C - 86726/10 dated 30 August 2010 and

obtained its certificate of commencement of business on the same day.

The principal objectives of the company for which it was established are to carry on the business of stock

brokers, dealers in relation to shares and securities dealings, to underwrite, manage and distribute the issue of

stocks etc. and other services as mentioned in the Memorandum and Articles of Association of the company.

Name of the Company Paid up Capital (Taka)Percentage of Share Holding

SIBL Others

1,230,000,000 99.9999187% 0.0000813%

250,000,000 99.9997600% 0.0002400%

1,480,000,000

1.5

2 Basis of Presentation of Financial Statements and Significant Accounting Policies

2.1 Investment in Shares and Securities

The Bank investment in different securities has been valued on 30.09.2015 as under:

Quoted Bond & Shares At cost or Market Value whichever is lower

Unquoted Shares At cost

Bangladesh Govt. Islamic Bond At cost

CDBL Share & Preference Share At cost

2.2 Revaluation gains/losses on Government securities

2.3 Recognition of profit suspense

Off-Shore Banking Unit (OBU)

Bangladesh bank approved operation of Off-Shore Banking Unit (OBU) of Social Islami Bank Limited located

at Banani Branch, through their letter no. BRPD(P-3)744(119)/2010-4652, Dated: 11.11.2010. The bank has

commenced the operation of its Off-Shore Banking Unit (OBU) from 02.05.2012.

All investment in securities are initially recognized at cost, including acquisition charges associated with the

investment. Premiums are amortised and discounts are accredited.

As per BRPD circular no. 15 (09 November 2009), investments in quoted shares and unquoted shares are

revalued at the year end at market price and as per book value of last audited balance sheet respectively.

Provision should be made for any loss arising from diminution in value of investment. As such the company

measures and recognizes investment in quoted and unquoted shares at cost if the year–end market value (for

quoted shares) and book value (for unquoted shares) are higher than the cost. However as per requirements of

Bangladesh Accounting Standard (BAS)- 39, investment in shares falls either under “at fair value through

profit and loss account” or under “available for sale” where any change in the fair value at the year-end is

taken to profit and loss account or revaluation reserve respectively. SIBL recognises its 'Investment in Shares

and Securities' as per BAS-39 and accounted for the required profit/(loss) after adjustment of the value of

shares and securities through profit and loss account.

SIBL is a bank running on Islamic Shariah principle. Hence, we do not participate in buying interest bearing

Government securities.

2.3 Recognition of profit suspense

Profit / Rent / Compensation Suspense account and Doubtful Income

2.4 Financial instruments-presentation and disclosure

2.5 Cash and cash equivalent

Profit / Rent / compensation accrued on classified investments are suspended and accounted for as per BRPD

Circular no: 15 (09 November 2009) issued by the Bangladesh Bank. Moreover, incomes that are irregular

(doubtful) as per Shariah are also not included in the distributable income of the Bank.

Income on unclassified overdue investment of Murabaha and Bai-Muazzal is charged under compensation

account instead of showing as income of the Bank.

Interest received from NOSTRO accounts are not credited to the income as per Islamic Shariah.

Financial instruments-presentation and disclosures are made in several cases as per guidelines and instructions

of Bangladesh Bank in particular and respective cases. Requirements of BAS-32 and BFRS-7 can not be

followed due to the presentation and disclosure obligations of Bangladesh Bank.

As per BRPD circular no 15 (09 November 2009), cash and cash equivalents include notes and coins in hand,

balances lying with ATM, unrestricted balances held with Bangladesh Bank and its agent Bank, balance with

other Banks and financial institutions, placement with Banks and other financial institutions.

As per BAS 7, cash and cash and cash equivalents should be reported as cash item and reconciliation of the

amounts of the items in its cash flow statement should be presented also. However, presentation and

reconciliation is done in line with BRPD circular 15 and BAS 7.

2.6 Cash Flow Statement

2.7 Off-balance sheet items

Contingent Liabilities

Any present obligation that arises from past events but is not recognised because:

*

*

2.8 Investments net off provisions

2.9 Consolidation Procedures (BAS-27)

Bangladesh Accounting Standard (BAS)-7 " Cash Flow Statement" requires SIBL to prepare cash flow

statement under direct method. However, Cash Flow Statement has been prepared under a adopted method of

direct and indirect in accordance with the BRPD Circular No. 15, (09 November 2009) issued by the Banking

Regulation and Policy Department of Bangladesh Bank.

Any possible obligation that arises form past events and the existence of which will be confirmed only by the

occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Bank;

it is not probable that an outflow of resources embodying economic benefits will be required to settle the

the amount of the obligation cannot be measured with sufficient reliability.

Contingent liabilities are not recognised but disclosed in the financial statements unless the possibility of an

outflow of resources embodying economic benefits is reliably estimated. Contingent assets are not recognised

in the financial statements as this may results in the recognition of income which may never be realised.

However, the amount of cash margin is recognised as liability.

As per BRPD circular 15, contingent liabilities are recognised as off balance sheet items in absence of any

recommendation in BFRS.

Investments are presented at its actual value without netting off as per BRPD circular 15 though it is to be

presented at net off value as per related BFRS.

The consolidated financial statements include the financial statements of Social Islami Bank Limited and its

subsidiaries SIBL Securities Limited and SIBL Investment Limited, made up to the end of the financial year.

2.10 Reporting Period

These financial statements cover nine months from 01 January to 30 September 2015.

2.11 Statement of Changes in Equity

2.12 Earning Per Share (BAS-33)

subsidiaries SIBL Securities Limited and SIBL Investment Limited, made up to the end of the financial year.

The consolidated financial statements have been prepared in accordance with Bangladesh Accounting

Standard (BAS) 27: Consolidated and Separate Financial Statements, Bangladesh Financial Reporting

Standards (BFRS):3- Business Combinations and Bangladesh Financial Reporting Standards (BFRS):10-

Consolidated Financial Statements. The consolidated financial statements are prepared to a common financial

The statement of changes in equity reflects information about the increase or decrease in net assets or wealth.

Basic Earnings Per Share has been calculated in accordance with Bangladesh Accounting Standard (BAS)-

33: Earnings Per Share (EPS), which has been shown on the face of profit and loss account. This has been

calculated by dividing the basic earnings by the number of ordinary shares outstanding during the period.

Taka Taka

30.09.2015 31.12.2014

3 Cash in hand:

In Local Currency 1,358,543,296 941,968,710

In Foreign Currencies 6,471,715 8,325,106

ATM balance 29,809,100 25,314,900

1,394,824,111 975,608,716

3(a) Consolidated balance of cash in hand

Social Islami Bank Limited 1,394,824,111 975,608,716

Cash in hand of Subsidiary companies 2,013,137 693,475

SIBL Securities Limited 1,993,764 672,502

SIBL Investment Limited 19,373 20,973

1,396,837,248 976,302,191

3.1 Balance with Bangladesh Bank and its agent bank (Sonali Bank)

Balance with Bangladesh Bank (Note-3.1.1) 10,582,578,267 11,033,671,883

Balance with Sonali Bank (as agent of BB) 89,517,452 111,403,434

10,672,095,720 11,145,075,318

3.1.1 Balance with Bangladesh Bank (Including foreign currencies)

In local currency 10,466,857,984 10,612,711,221

In foreign currencies 115,720,283 420,960,662

10,582,578,267 11,033,671,883

4 Balance with Other Banks and Financial Institutions

In Bangladesh 3,247,755,374 2,511,309,841

Outside Bangladesh 213,952,622 332,880,245

3,461,707,996 2,844,190,086 3,461,707,996 2,844,190,086

4(a) Consolidated balance of other Banks and Financial Institutions

In Bangladesh

Social Islami Bank Limited 3,247,755,374 2,511,309,841

Add: Account Balance of subsidiaries of SIBL with SIBL Principal Branch 275,371,177 269,936,542

SIBL Securities Limited (Current account and MTDR) 25,438,215 20,003,005

SIBL Investment Limited 249,932,962 249,933,537

3,523,126,551 2,781,246,383

Less: Inter company balance eliminated 275,371,177 269,936,542

SIBL Securities Limited (Current account and MTDR) 25,438,215 20,003,005


Add: Account Balance of subsidiaries of SIBL with other banks and financial institutions 55,876,101 66,104,578

SIBL Securities Limited 55,876,101 66,104,578

SIBL Investment Limited - -

Consolidated balance with Banks and Financial Institutions 3,303,631,475 2,577,414,418

5 Placement with Banks & other Financial Institutions

Placement with Banks 521,735,764 6,974,249,214

Placement with other Financial Institutions 5,350,000,000 2,500,000,000

5,871,735,764 9,474,249,214

Taka Taka

30.09.2015 31.12.2014

6 Mode-Wise Investment (General)

a) In Bangladesh

Musharaka 493,039,327 555,784,979

Murabaha 3,932,336,866 4,325,876,989

Mudaraba 5,270,866,920 4,205,360,326

Bai-Muazzal 74,962,246,618 63,555,624,941

Hire-Purchase Sirkatul Meelk 22,796,137,213 17,143,936,768

Installment Investment Scheme 94,060 120,522

Quard 7,270,736,688 7,216,017,663

Bai-Salam 111,852,334 60,327,179

Staff Loan 1,561,158,956 1,248,944,173

Ijarah 141,535,907 118,070,066

Visa Card 188,073,126 181,071,793

116,728,078,016 98,611,135,398

Mode-Wise Investment (General)

b) Outside Bangladesh

Musharaka - -

Murabaha - -

Bai-Muazzal - -

Hire-Purchase Sirkatul Meelk - -

Installment Investment Scheme - -

Quard - -

Bai-Salam - -

Others - -

- - - -

Bills Purchased and discounted

Inside Bangladesh

In land Bill Purchase 1,769,838,891 2,319,330,402

Bills Purchased and discounted

Outside Bangladesh

Foreign Bill Purchased 161,159,040 137,048,093

Murabaha Bill of Exchange 1,790,973,832 1,000,953,457

Murabaha Wes Bills L/C 2,173,197,616 1,659,498,781

Baim-Wes bills 5,689,174,955 4,171,993,181

9,814,505,443 6,969,493,511

Grand total of net Bills Purchased and Discounted 11,584,344,334 9,288,823,913

Total Investment 128,312,422,350 107,899,959,311

6(a) Consolidated Investment

Less: Intercompany balance eliminated

SIBL Securities Ltd.

Quard Investment with SIBL-Proncipal Branch 100,000,000 100,000,000

SIBL Investment Ltd. - -

128,212,422,350 107,799,959,311

Taka Taka

30.09.2015 31.12.2014

7 Fixed Assets:

Land 12,330,000 12,330,000

Building 2,056,116,061 1,816,874,627

Furniture & Fixture 417,811,943 385,674,047

Mechanical Appliance 412,708,351 348,055,292

Computer Software 93,740,929 79,772,872

Motor Vehicle 37,269,913 32,720,292

Books 427,969 431,665

3,030,405,167 2,675,858,796

7(a) Consolidated written down value of fixed assets including intangible assets


Add: Fixed assets of subsidiary companies 9,671,789 7,832,753


SIBL Investment Limited - -

Carrying value of Fixed assets of the Group 3,040,076,956 2,683,691,549

8 Others Assets:

Stock of stationery, Stamps and printing materials etc. 19,473,226 16,079,558

Advance Rent: 179,013,748 138,546,785

Advance Deposit: 2,702,726 2,764,052

Branch Adjustments (SIBG) 741,917,060 3,700,341,995

Suspense Account: 613,948,814 316,415,620

Other Prepayments 256,280 314,840

Receivable from Stock & Bond and SIBL Securities 43,504,471 19,171,583 Receivable from Stock & Bond and SIBL Securities 43,504,471 19,171,583

Advance Income Tax: 5,458,744,602 4,539,901,596

Receivable from SIBL Securities 1,377,245 5,516,584

Receivable from SIBL Investment 1,522,805 1,622,805

Protested bills against Investment 357,148,000 357,148,000

Profir receivable from Banks, NBFI and BD Govt. 305,381,373 354,627,390

Investment with off-shore Banking Unit 4,755,144,236 4,205,358,767

Due from off-shore Banking Unit - 111,952,594

Others 1,667,415,202 1,334,396,796

Total 14,147,549,788 15,104,158,964

Less: Balance with OBU for elimination

Investment with off-shore Banking Unit 4,726,100,172 4,205,358,767

Due from off-shore Banking Unit - -

Grand total after elimination of balance with OBU 9,421,449,617 10,898,800,197

8(a) Consolidated other Assets


Add: Other assets of subsidiary companies

SIBL Securities Limited 1,428,407,120 1,360,348,168

SIBL Investment Limited -

Less; Inter Company transactions eliminated: 2,754,490 7,139,389

Receivable from SIBL Securities 1,377,245 5,516,584

Receivable from SIBL Investment 1,522,805 1,622,805

Grand total Other assets of subsidiary companies 10,847,102,247 12,252,008,976

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8.1 Others

D.D. Paid without advice 50,000 -

Wes Fund (F/Currency) purchased 1,089 1,089

Adjusting A/C debit balance 443,451,712 341,831,875

Advance Vat 3,815,178 3,815,178

BFETN Adjustment Accounts 63,755 (298,400)

B. W. Principal Branch (P. F) 781,274,479 646,881,387

B. W. Principal Branch (SIBL/S.Insurance) 71,388,442 60,588,442

B. W. Principal Branch (Gratuity) 367,370,548 281,577,225

1,667,415,202 1,334,396,796

9 Deposits and Other Accounts

Mudaraba Savings Deposits (MSD) 13,756,996,571 9,818,279,970

Mudaraba Term Deposits (MTDR) 83,837,045,175 75,356,410,289

Other Mudaraba Deposit 26,130,614,400 23,923,887,375

Mudaraba Short Notice Deposits (MSND) 4,933,663,927 4,349,230,575

Mudaraba Scheme Deposits (Note-9.1) 21,196,950,473 19,574,656,800

Al- Wadeeah Current Deposit and other aacounts (AWCD) 15,426,212,567 13,059,516,630

Bills payable 1,132,619,144 2,277,639,901

Cash Waqf Fund 167,946,559 99,275,350

140,451,434,417 124,535,009,515

9.1 Mudaraba Scheme Deposits

Mudaraba Hajj Savings Deposit 37,173,280 34,448,453

Mudaraba Pension Savings Deposit 2,932,265,877 3,184,278,278 Mudaraba Pension Savings Deposit 2,932,265,877 3,184,278,278

Mudara Education Deposit Scheme 37,220,787 41,925,172

Mudaraba Monthluy Savings Deposit 113,346,065 135,863,264

Mudaraba Monthluy Profit Deposit 1,801,307,233 1,664,329,961

Mudara Bashasthan Savings Scheme 512,530,721 497,795,735

Mudara Millionaire Savings Scheme 606,894,809 517,555,826

Mudara Lakhopoti Deposit Scheme 312,385,781 318,398,550

Mudara Double Benefit Deposit Scheme 2,301,965,180 2,235,392,969

Mudara Marriage Savings Scheme 135,590,775 146,856,004

Mudara MMohorana Savings Scheme 24,846,609 23,481,943

Subarnalata Special Scheme (Wemen) 52,265,041 51,243,063

Subarna Rekha Special Deposit (Wemen) 868,516,517 741,600,378

Shabuj Shayanna Special Deposit 451,726,273 420,538,408

Shabuj Chaya P. Sch 208,426,433 199,398,105

Sanchita Special Deposit scheme 159,545,672 151,722,117

Sanali Din Pension Deposit Scheme 4,033,869,596 2,821,681,493

Sukher Thikana Saving Scheme 5,947,728 5,072,288

Sacchandey Protidin Monthly Profit Deposit 1,967,082,113 1,768,890,759

Samriddir Sopan Scheme Deposit 4,154,694,256 4,255,473,640

Sopner Siri Deposit Scheme 139,120,424 134,296,894

Sharner Shikhar (mudaraba Billinior Deposit) 340,048,128 224,367,157

Proshanti (Mudaraba Zakat Saving Deposits 181,174 46,343

21,196,950,473 19,574,656,800

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9(a) Consolidated balance of Al-Wadeeah Current Deposit & Other A/c


Less: Intercompany balance eliminated 275,371,177 269,936,542



Consolidated balance of Current deposit and other accounts 15,150,841,390 12,789,580,088

10 Other Liabilities

Adjusting A/C (Cr.) Balance 29,010,038 8,259,359

Other Payable 9,990,550 888,004

SIBL Employees' PF 781,274,479 646,881,387

SIBL Employees' Gratuity fund 445,389,578 364,291,832

SIBL Employees' Social Insurance 71,388,442 60,588,442

BEFTN Adjustment Account 13,731,185 9,160,769

ATM Settlement for Q-Cash 31,601,026 14,890,811

Provision for Investments 4,287,595,632 3,041,304,212

Provision for other Assets 387,023,907 386,655,792

Compensation and Rent Suspense 1,086,535,316 751,102,267

Provision for Taxation 6,650,333,777 5,546,544,564

Liabilities for Zakat 53,880,035 63,582,948

Mudaraba Profit Distribution - 10,000,000

13,847,753,966 10,904,150,387

10(a) Consolodated Other Liabilities

Social Islami Bank Limited 13,847,753,966 10,904,150,387 Social Islami Bank Limited 13,847,753,966 10,904,150,387

Add: Other Liabilities of subsidiaries


SIBL Investment Limited 18,500 35,750

14,082,844,895 11,092,324,637

Less: Intercompany balance eliminated

SIBL Securities Limited (Payable to SIBL- Term loan) 100,000,000 100,000,000

Grand Total 13,982,844,895 10,992,324,637

11 Income from Investment

Profit on Murabaha 153,496,626 168,358,687

Profit on Bai-Muazzal 6,469,683,092 5,561,178,391

Profit on Hire-Purchase 1,870,372,963 1,578,971,792

Profit on Musharka 37,702,180 36,849,113

Profit on Bai-Salam 6,509,349 2,661,728

Profit on Quard against MTDR, Scheme and others 575,483,770 688,815,111

Profit on Inland Document Bill Purchased 207,711,938 294,974,268

Profit on Foreign Document Bill Purchased 993,395,057 780,919,874

Profit on Ijarah 11,692,981 14,745,106

Profit on Investment against Mudaraba Deposit with other banks and NBFIs 594,428,095 729,816,312

Profit on other investments (Card, Wakalat fee etc.) 151,088,794 260,122,852

Profit on Mudaraba 82,301,281 -

11,153,866,124 10,117,413,235

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11(a)

Social Islami Bank Ltd. 11,153,866,124 10,117,413,235

Add: Income from investment of subsidiaries of SIBL 40,756,019 30,603,494

SIBL Securities Ltd. 40,756,019 30,603,494


Grand total of consolidated investment income 11,194,622,143 10,148,016,729

12 Profit paid on Deposits

Profit paid on deposits

Mudaraba Savings Deposits (MSD) 281,399,231 176,966,176

Mudaraba short notice deposit (MSND) 54,311,952 50,421,848

Mudaraba term deposit (MTDR) 5,018,259,628 5,187,845,540

Cash waqf fund deposit 6,328,087 3,551,125

Profit paid on Scheme Deposits & others 1,584,997,672 1,437,021,424

6,945,296,571 6,855,806,113

Profit paid on borrowings & Sub-ordinate Bond 271,876,705 148,471,222

Total profit paid on deposits and borrowings 7,217,173,276 7,004,277,335

12(a) Consolidated Profit paid on deposits and borrowings


Add: Income from investment of subsidiaries of SIBL 8,341,664 3,865,274



Grand total of consolidated Profit paid on deposits and borrowings 7,225,514,940 7,008,142,609

Consolidated income from investment

Grand total of consolidated Profit paid on deposits and borrowings 7,225,514,940 7,008,142,609

13 Commission, Exchange & Brokerage

Commission 467,651,409 427,783,541

Exchange Income 478,948,227 548,157,215

946,599,636 975,940,756

13(a) Consolidated income from commission, exchange & brokerage

Social Islami Bank Ltd. 946,599,636 975,940,756 Add; Income from commission, exchange & brokerage of subsidiaries of SIBL



Grand total of consolidated Income from commission, exchange & brokerage 979,244,283 999,960,930

14 Other Operating Income

P&T charge recovered 12,549,212 17,700,239

Courier charges recovery & others 3,535,302 4,199,605

Services & Charges 128,581,527 65,707,873

SWIFT/ Return charge recovered 57,839,660 36,137,242

Rent receipts 1,262,750 2,676,260

Income from sale of forms 424,300 272,675

Service charge on SIBL Cards 15,479,505 15,950,545

Notice pay earnings 782,856 2,172,013

Miscellaneous income 37,150,667 30,529,882

257,605,778 175,346,333

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14(a) Consolidated Other operating income

Social Islami Bank Ltd. 257,605,778 175,346,333

Add; Other operating income of subsidiaries of SIBL

SIBL Securities Ltd. (1,302,063) 923,509


Grand total of consolidated Other operating income 256,303,715 176,269,842

15 Salary & Allowances

Basic Salary 609,674,071 498,616,995

Allowance 616,190,906 476,104,769

Bonus 273,519,429 159,022,723

L/E Salary & Allowances 7,193,003 10,565,909

Bank`s Contribution to Provident fund 58,263,310 43,958,899

Bank`s Contribution to Social Insurance fund 6,032,945 4,934,286

1,570,873,664 1,193,203,582

15(a) Consolidated expenses for Salary and Allowance


Add; Salary and Allowance of subsidiaries of SIBL



Grand total of consolidated expenses Salary & Allowance 1,582,368,723 1,194,229,457

16 Rent, Taxes, Insurance & Electricity etc.

Rent, Rates & Taxes, 117,835,012 97,767,620

Insurance 45,258,285 31,069,157

Electricity, Lighting & Water 39,026,276 37,866,797

202,119,573 166,703,573

16(a) Consolidated expenses for Rent, Taxes, Insurance & Electricity


Add; Rent, Taxes, Insurance & Electricity of subsidiaries of SIBL



Grand total of consolidated expenses for Rent, Taxex, Insurance & Electricity etc. 204,529,812 168,458,476

17 Legal Expenses

Legal Fees & Charge 4,201,067 6,440,667

Stamp Duties other Legal Expenses 230 4,130

Other Legal Expenses 453,058 160,474

4,654,355 6,605,271

17(a) Consolidated Legal expenses


Add; Legal expenses of subsidiaries of SIBL

SIBL Securities Ltd. - -


Grand total of consolidated Legal expenses 4,654,355 6,605,271

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18 Postage, Stamps, Telecommunication etc.

Cable Network rent 183,563 60,340

Telegram, Fax, telex & other charges 22,819,939 16,923,811

Telephone charges 3,398,379 3,511,412

Mobile phone charges 2,487,309 2,308,400

28,889,190 22,803,963

18(a) Consolidated Postage, Stamps & Telecommunication stc.


Add; Poatage, Stamps & Telecom. of subsidiaries of SIBL

SIBL Securities Ltd. 660,096 490,599


Grand total of Consolidated Postage, Stamps & Telecommunication stc. 29,549,286 23,294,562

SOCIAL ISLAMI BANK LIMITED CONDENSED CONSOLIDATED … · Circular no: 15 (09 November 2009) issued...

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Transcript of SOCIAL ISLAMI BANK LIMITED CONDENSED CONSOLIDATED … · Circular no: 15 (09 November 2009) issued...